Business
Broadway Financial Corporation Announces Results for 1st Quarter 2020
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b.
About this update from Broadway Financial Corporation
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nBroadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”, and collectively, with the Company, “Broadway”), today reported a net loss of $33 thousand, or $0.00 per share, for the first quarter of 2020, compared to net income of $277 thousand, or $0.01 per diluted share, for the first quarter of 2019.\n\n\nEarnings during the first quarter of 2020 were favorably impacted by increases in net interest income of $85 thousand, service charges on deposits of $22 thousand, miscellaneous fee income of $25 thousand and lower professional services fees of $75 thousand compared to the first quarter of 2019. Earnings were negatively impacted, however, by a provision for loan losses of $29 thousand during the first quarter of 2020 compared to a loan loss provision recapture of $190 thousand in the first quarter of 2019, and by an increase in compensation costs of $173 thousand. In addition, the Bank received a grant of $233 thousand from the U.S. Department of the Treasury’s Community Development Financial Institution (“CDFI”) Fund during the first quarter of 2019, but did not receive a grant during the first quarter of 2020.\n\n\nChief Executive Officer, Wayne Bradshaw, commented, “The start of the first quarter of 2020 presented Broadway with many of the same issues that Broadway has been facing over the past 18 months: a highly challenging interest rate environment and a very competitive market for originating loans and attracting deposits. While those issues have remained, the first quarter presented a new set of unanticipated challenges as the effects of the COVID-19 Pandemic wrought huge dislocations in the economy, and required prompt changes to our operations to protect the health and welfare of our employees and customers. I am extremely proud of the positive attitude and dedication of our employees, who have demonstrated their resourcefulness and resiliency in adapting to the new realities facing the country.\n\n\n“Despite the enormous diversion of time and human resources, the Bank, the parent company’s operating subsidiary, remained profitable in the first quarter, driven in part by strong growth in loan originations. During the first quarter our loan originations exceeded $65 million, representing an increase of over ...